BNB Chain Completed its 31st Quarterly BNB Burn Worth Over $916M

Key Points

• BNB Chain completed a total of almost 1,58 million BNB burn.
• There are over 40,8 million BNB left to be burned.

The BNB Foundation has released an announcement, revealing that the BNB Chain has finalized its 31st quarterly BNB token burn.

Latest BNB Chain Burn Details

In its official announcement , the BNB Foundation revealed the following details about the latest BNB token burn by the BNB Chain:

• Total BNB burned via the Auto-Burn mechanism: over 1,579,207 BNB
• The approximate value in USD of the BNB burned at completion time: over $916 million
• The transaction ID for the BNB burn is: 0x9fbe14355cfa89ec524af1b4b8f3b9d3035f2fdabd6cd0db8a2f4c1b6b236bfc
• Remaining BNB to be burned: over 40,886,572 BNB
• Remaining total supply of BNB: over 139,3 million BNB

The transfer’s timestamp shows that it was completed at 06:45:48 AM (UTC).

BSCscan data

The transaction fee was $0.04 in BNB, and the gas price was 3 Gwei, according to the same data from BSCscan.

Details About BNB Auto-Burn Mechanism

The BNB token uses an Auto-Burn mechanism to gradually reduce its total supply to 100 million BNB tokens.

The burn amount is adjusted based on BNB’s price and the number of blocks generated quarterly on BSC – this ensures transparency and predictability.

The BNB Auto-Burn mechanism offers an independently auditable and objective process, and the numbers are reported on a quarterly basis.

It’s also worth noting that the mechanism is independent of the Binance crypto exchange.

All BNB quarterly burns occur directly on BSC, and the amount is sent to the blackhole address: 0x000000000000000000000000000000000000dEaD.

BNB Philosophy and Functionalities

BNB, the native coin of the BNB Chain ecosystem, has more functionalities, including the following:

• Powers the ecosystem
• Supports transactions on BSC, opBNB L2s, and the BNB Greenfield blockchain
• Grants holders the ability to participate in the BNB Chain’s decentralized on-chain governance
• Functions as a strategic reserve asset
• Plays a critical role in the BNB Executive TVL

Following its mainnet launch on April 18, 2019, BNB transitioned from Ethereum to BNB Chain, having a “Build and Build” philosophy in the ecosystem.

Today, BNB is trading above $578, and the token has a market cap above $81,4 billion.